Payments Dive
MARCH 20, 2020
Banks across the U.S. are limiting lobby hours and encouraging mobile banking in response to the COVID-19 outbreak. Many banks continue to offer fee waivers and penalty reductions for customers that need to access funds early.
Bank Innovation
MARCH 20, 2020
The novel coronavirus may be closing bank branches nationwide, but some digital-only financial institutions are trying not to exploit consumer fears. “Being a branchless bank is part of who we are, but we don’t want to resort to scare tactics,” said Nicole Lorch, chief operating officer at First Internet Bank. The Fishers, Ind.-based bank, which […].
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PYMNTS
MARCH 20, 2020
A police department in California is going to use drones equipped with loudspeakers to help enforce the state lockdown orders imposed due to the coronavirus, according to a report by the Financial Times. The Chula Vista PD has purchased two drones worth $11,000 each. They’re made by DJI, a Chinese company, and the department plans to also add night vision cameras to the flying vehicles.
Bank Innovation
MARCH 20, 2020
Before the novel coronavirus rocked the world, prompting widespread social distancing, the contingency plans some financial institutions had in place to facilitate remote work for their employees has made for a streamlining of the current workplace shift. Virginia-based Pentagon Federal Credit Union, for one, was already more than one year into forming its contingency plan to facilitate employees to work from home by the time COVID-19 hit the U.S.
Speaker: Nancy Wu, Head of Sales and Customer Success at SkyStem
Join us for an enlightening webinar as we delve into the transformative realm of modern accounting practices. In today's digital age, the convergence of outsourcing and automation has revolutionized how businesses manage their financial operations. In this webinar we will explore the synergistic potential of these two strategies to streamline processes, enhance accuracy, save cost and drive strategic decision-making.
PYMNTS
MARCH 20, 2020
Banking technology FinTech Finastra was hit with a security breach on Friday (March 20), and was forced to shutter key systems and send employees home, according to a report by KrebsonSecurity. Although the company’s statement doesn’t mention the type of attack specifically, Krebs believes it is likely a ransomware attack based on the reaction. Two sources forwarded internal notices about the outage.
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
PYMNTS
MARCH 20, 2020
To honor staffers who are maintaining stocks of supplies on shelves as shoppers visit locations in droves, Walmart said it would pay almost $550 million in bonuses to hourly workers. The retailer has experienced an increase in sales as consumers stock up on toilet paper, food, hand sanitizer and other products as they get ready to remain in their residents with increasing COVID-19 cases, CNBC reported.
Bobsguide
MARCH 20, 2020
During these unprecedented times, corporate treasurers must deal with a difficult and uncertain new normal. Drawing relevance of data analytics to the treasury function, Börries Többens – senior manager, finance advisory, KPMG writes: “Analytics serves to derive specific.
PYMNTS
MARCH 20, 2020
Open banking’s impact on small- to medium-sized businesses (SMBs) continues to proliferate as traditional financial institutions (FIs) embrace the opportunity to unlock data for third-party platforms. FinTechs continue to push the envelope to see how far open banking frameworks can go in improving the SMB banking experience, and increasingly, SMB lending is shifting to the center of these collaborative efforts.
Jack Henry
MARCH 20, 2020
Community financial institutions are known for their personal service. Tellers know your name. You know theirs. Real relationships form. But what happens when a pandemic breaks out, schools shut down, and we’re all told to shelter at home? Pandemics test the limits of customer service. As visits to the branch dip, the personal service that financial institutions offer inside the branch can no longer remain confined there.
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Now is the time for lenders to prioritize their digital transformation initiatives in preparation for the lending rebound. Rising competition and ever-increasing customer demands for speed and efficiency are forcing financial institutions to embrace digital transformation. This shift can feel overwhelming—where do you begin? This infographic illustrates automation demands and shows you how loan document automation serves as an essential step to increase profits and provide the best lending exper
PYMNTS
MARCH 20, 2020
Fraud attacks’ frequency and complexity will likely continue to rise despite merchants’ best efforts to prevent them. Bad actors are tapping into personally identifiable information (PII) gathered from previous hacks to orchestrate their increasingly sophisticated efforts, including data purchased from the dark web to hide their tracks or pieces cobbled together from several victims to create difficult-to-detect synthetic identities.
ABA Community Banking
MARCH 20, 2020
Whether you’re working from home or holding down the fort at the bank, here are five tips for marketers in the new world of the coronavirus. . The post A Marketing Game Plan for COVID-19 appeared first on ABA Banking Journal.
PYMNTS
MARCH 20, 2020
Banking giant HSBC and Cainiao Network Technology, which is a logistics arm of Alibaba Group , have announced they will offer rapid finance approvals to online merchants that use Chinese shopping site Tmall, according to reports. The South China Morning Post reported that the firms will offer seven-day approvals for loans up to $500,000, and 1,800 Hong Kong Tmall merchants will be eligible.
CFPB Monitor
MARCH 20, 2020
On March 19, 2020, the New York Department of Financial Services (“NYDFS”) issued guidance urging all state-regulated financial institutions during the outbreak of the coronavirus to reduce its adverse impact by working with consumers and small businesses that can demonstrate financial hardship caused by COVID-19. Specifically, NYDFS authorized financial institutions to take “reasonable and prudent actions” to support impacted New York citizens through the following actions: Waiving overdraft fe
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In this report, you’ll find a comprehensive analysis of survey responses from executives at banks, credit unions, and insurance companies concerning their organization’s current and future use of automation. The report’s key insights include: Which types of automation are saving organizations the most time and money How to overcome the biggest barriers to automation implementation and adoption Why automation investments will continue to grow over the next few years How much you could save in 202
PYMNTS
MARCH 20, 2020
India is making a move to tighten controls on big tech companies like Amazon and require them to turn over data and other requested information in a timely manner, Reuters reported on Friday (March 20), citing sources. The policy being drafted by India’s trade ministry also calls for a new regulator to provide oversight and enforce compliance. The regulator will have the authority to request information from tech firms and also enforce other Indian laws aimed at consumer protection and fair comp
Payments Source
MARCH 20, 2020
The Comptroller's Office has provided banks with guidance on how to structure relationships with data aggregators. Now the bureau needs to focus on the bank-consumer connection.
PYMNTS
MARCH 20, 2020
It’s the end of the workweek, and the PYMNTS Weekender is here to make sure you didn’t miss anything with the latest in payments and commerce news. We have deep dives into in-house restaurant ordering apps and cloud technology, as well as a report on banks running short on large bills amid the coronavirus crisis. Top News. NYC Bank Runs Short Of Big Bills As Customers Hoard Cash.
Payments Source
MARCH 20, 2020
Even for companies that support remote work, having an entire staff working from home on short notice opens new complications for B2B payments and accounts receivable.
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Commercial lending is on the verge of a resurgence, but traditional processes are an obstacle. Explore the top 3 reasons for resistance to digital transformation and how overcoming them can pave the way for growth and efficiency. Discover why embracing automation and digital solutions is crucial for success in today's competitive landscape. Discover how GoDocs helps commercial lenders in the digital era with seamless integration and a borrower-focused approach.
PYMNTS
MARCH 20, 2020
Research and consulting firm Strategy Analytics has released a report stating that global smartphone shipments dropped 38 percent year on year in February of 2020. It was the biggest drop in smartphone sales in the history of the market. The staggering decline is blamed on the COVID-19 outbreak, which has seen countries around the world stop their economies to contain the spread of the virus.
American Banker
MARCH 20, 2020
From paying $1,000 bonuses to branch employees to subsidizing child care expenses, banks are offering a slew of new perks for front-line employees still working and more paid leave for those who are ill or caring for sick family members.
PYMNTS
MARCH 20, 2020
With the current health emergency retailers face unprecedented issues. Closing stores, limiting hours, changing order patterns, remote work — all of these issues have joined basic survival as retailers contend with sudden and unpredictable challenges during the coronavirus pandemic. And while retailers are most likely not liable for any legal exposure, there are legal and ethical issues presented by the current crisis that need retail attention regardless of size and legal expertise.
American Banker
MARCH 20, 2020
The Fed must set up a ‘family financial facility’ that sends billions to households and small businesses so banks don’t misdirect relief funds.
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As we step into 2024, the lending landscape evolves rapidly with technology, regulations, and market dynamics driving change. For banks and financial institutions to stay competitive and meet the evolving needs of their customers, these drivers must be understood and engaged with. Lenders can anticipate significant transformation fueled by technological advancements, regulatory shifts, and changing consumer behaviors.
PYMNTS
MARCH 20, 2020
Bank of America (BoA) customers impacted by the coronavirus can request mortgage, credit card and other loan deferments, the company announced on Thursday (March 19). The bank is providing relief to its 66 million customers as part of its Client Assistance Program and will offer deferments on a case-by-case basis. Financial products eligible include mortgages, home equity loans, deposit account overdraft fees, credit cards, car loans and business loans.
American Banker
MARCH 20, 2020
The FDIC's call for FASB to postpone the loan-loss accounting standard's effective date could put pressure on other agencies to follow suit.
PYMNTS
MARCH 20, 2020
The coronavirus pandemic — and the resulting push for consumers to stay home and practice social distancing — has prompted many restaurants to halt table service and put new focus on eateries’ abilities to manage and fulfill delivery orders. The popularity of ordering in is not a new trend, however, with the number of digital food orders rising 23 percent between 2015 and 2019 alone.
FirstInternet
MARCH 20, 2020
You’ve probably heard or read countless times that you need to save the equivalent of three to six months of your income in an emergency fund. Since the 2008 financial crisis, financial experts are now leaning toward the highest end of that range, and famed financial advisor, Suze Orman, has even been quoted as saying the target is eight months! There’s no question that can be an intimidating goal.
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Get ready for the wave of $1.2 trillion in commercial debt maturing in the next 24 months with GoDocs' ModDocs® platform. Traditional loan modifications are slow, expensive, and prone to errors, which put lenders at risk. But with ModDocs®, you can enjoy an innovative solution that eliminates attorney fees, allows on-the-fly loan modifications, and ensures compliance.
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